A person can close a PPF account only upon maturity i.e. after completion of 15 years. After completion of 15 years, the PPF account holder can withdraw entire balance of his PPF Account including accrued interest portion. After withdrawal of entire balance, the PPF account is closed.
Even though the PPF account has a maturity period of 15 years but still partial withdrawal before completing 15 years is allowed in it.
The person is also allowed to make partial withdrawal from his account prematurely but only after completing 6 years from the opening of PPF Account. These withdrawals can be made only once in a financial year.
The maximum amount that can be withdrawn is capped at 50% of the total balance at the end of the 4th year immediately preceding the year of withdrawal or the year immediately preceding the year of withdrawal, whichever is lower.
Only one withdrawal can be made each financial year.
Case (1): In Presence of Nomination in PPF Account: All the nominees of the PPf account have submit an application along with Form G (which requires details of nominees like names, account numbers, bank names, etc.). They also need to attach the death certificate of the account holder and a copy of PPF passbook.
Case (2): In Absence of Nomination in PPF Account & Claim Amount is Below Rs 1 Lakh: All the legal heirs of the PPF account have submit an application along with Form G (which requires details of nominees like names, account numbers, bank names, etc.). They also need to attach the death certificate of the account holder and a copy of PPF passbook. Additionally, they need to attach following annexure:
Case (3): In Absence of Nomination in PPF Account & Claim Amount is Rs 1 Lakh or Above:
All the legal heirs of the PPF account have submit an application along with Form G (which requires details of nominees like names, account numbers, bank names, etc.). They also need to attach the death certificate of the account holder, Succession Certificate, Letter of Administration/ attested copy of the will and a copy of PPF passbook.If there are more than 1 nominee in the PPF account and one of the nominees is deceased then the surviving nominee(s) will also have to provide proof of death of the deceased nominee.